Whether you’re just starting out or have been in business for a while, you might find yourself in the position of needing a little extra cash to reach your goals. Maybe you’ve had a slow month or two or perhaps you’d like to invest in some major upgrades. No matter the reason, if this sounds like you you may be a candidate for a small business loan. If you’re on the fence and not sure what exactly you’d use a loan for, here are five ideas to consider.
Grow, Baby, Grow
Let’s say you’ve been in business for a few years now, and things are going pretty well. You’re turning a profit, your customers rave about you all over town…and yet you’re feeling stuck. There are things you know you want and need to do to take your business to the next level, but you just don’t have the cash to do it. Whether it’s opening that second location you’ve always dreamed about, launching a fancy new ecommerce store, or adding a few new staff members to your team, a small business loan could be exactly what you need to get things moving.
Temporary Ebbs and Flows
A small business loan can help you prepare for your busy season and ease the sting of your off months. Imagine you’re a beachfront shop in a tourist town. During the summer the sidewalk outside your store is wall-to-wall people – you can use your small business loan to invest in extra help, surplus inventory, or an advertising push to make the most of the crowds. Once winter comes and your street looks like a ghost town, a small business loan can help you pay your staff and keep the lights on while you wait for sunny days to return.
Beef Up Your Inventory
We’ve already talked about seasonal inventory fluctuations, but there are other reasons you might want an inventory overhaul, too. Perhaps you want to stock up on a particular toy you anticipate being the hot new item this Christmas or be able to quickly restock a popular size that keeps running out. Whatever the reason, a small business loan can help you increase your inventory to help you more effectively meet the needs of your customers.
Launch a Hiring Frenzy
Your team is overworked and just can’t keep up with increasing demand. That’s great – sounds like it’s time to hire some new employees! A small business loan can help you cover their first few paychecks or simply increase the wages of the hardworking team you already have. As minimum wages rise across the country, you may find yourself in the position of needing a small business loan to keep up as well. While you’ll need to find a long-term solution to the problem, a small business loan can help you remain competitive in the short-term.
Upgrade Your Infrastructure
That trusty computer that’s been in your office since the first day you opened your doors? Well…that was ten years ago and it’s just not working like it should. Whether you’re a construction company looking to upgrade a fleet of existing equipment or a bakery needing to replace a burned-out oven, a small business loan might be just the extra push you need to make it happen.
Convinced? We Can Help with That!
If you’re sold that a small business loan might be exactly what you need right now, we’re happy to say we can help. 360 Payments has partnered with OnDeck to offer small business loan packages that are as unique as you are. Before you head to your bank, do yourself a favor and check out OnDeck. We think you’ll like what you find. Of course, if you have questions about payment processing don’t hesitate to call us at 1-855-360-0360 or drop us a line on our website. We’d love to show you what sets us apart from the competition.
PS – Is your business investing in video marketing? Here’s why it absolutely should be.
PPS – Check out our guide to finding the perfect travel credit card for your needs.